Navin Minar Venture Deal with Raheja Developers To Be Initiated Soon
Raheja Developers’ 21.4ha Navin Minar venture will be initiated soon where Indian real-estate player has granted Dubai-based construction giant Arabtec Construction contract worth $60m (AED219m) to build the Navin Minar building in the Indian capital city of New Delhi.
The scope of work includes 42-story private apartments with four basements alongside with works related to utilities, pools, clubhouse, sports and network offices. Fifteen people group lodging towers, each one 15 stories each, additionally fall under the contract.
The construction arm of Dubai Financial Market-listed Arabtec Holding said project works would commence immediately and last 36 months which is located roughly 22 km from Delhi Airport, the Navin Minar development has a total built-up area of 21.4ha.
The agreement win comes days after Arabtec Holding’s CEO’s Hamish Tyrwhitt exit. Tyrwhitt’s exit and Pollard’s appointment were reported after Arabtec Holding posted a net profit of $8.6m (AED31.8m) in Q1 2019, a year-on-year decline of the 50% from Q1 2018’s figure of $17.3m (AED63.6m).
The organisation’s Q1 2019 income of $544.4m (AED2bn) was 16% lower than Q1 2018’s estimation of $653.3m (AED2.4bn). Arabtec’s accumulation as of Q1 2019 was esteemed at $4bn (AED14.8bn), with they expressed that it encountered a withdrawal in edges year on year, owing to the drop in income due to revenue slowdown in awards in the construction sector’ with various projects in the coming months.
Information Source: ConstructionWeek Online
For more updates on news, articles, features on architecture, and interiors visit: www. fortunestreets.com